Nearly 400 staff at The Sleep Depot, will have to look for new jobs after the administrator decided to close down the beds retailer.
The company went into administration after failing to secure a new financing package.
A statement from the Sleep Depot said: “During the past few months management have made strenuous efforts to arrange a financial restructuring of the company. Unfortunately, these efforts were not successful and as a result they were left with no option but to place the company into administration.
James Gleave, representing the administrator Kroll, said: “The trading environment for all retailers is particularly tough at present and following a thorough evaluation of the company, we have regrettably concluded that it is impossible for The Sleep Depot to continue to trade.”
All 367 staff at the firm’s head office in Blackburn, Lancashire, and 100 in-store concessions across the UK have lost their jobs with immediate effect.